Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Feb. 13, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Cosmo Ventures Inc | |
Entity Central Index Key | 1,575,295 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 13,000,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,019 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
CURRENT ASSETS | ||
Cash | $ 101 | $ 756 |
TOTAL ASSETS | 101 | 756 |
CURRENT LIABILITIES | ||
Accounts payable | 10,718 | 4,748 |
Due to related party | 44,072 | 32,699 |
TOTAL CURRENT LIABILITIES | 54,790 | 37,447 |
STOCKHOLDERS' DEFICIT | ||
Common stock - 75,000,000 shares authorized, $0.001 par value; 13,000,000 shares issued and outstanding | 13,000 | 13,000 |
Additional paid-in capital | 12,000 | 12,000 |
Accumulated deficit | (79,689) | (61,691) |
TOTAL STOCKHOLDERS’ DEFICIT | (54,689) | (36,691) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 101 | $ 756 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Mar. 31, 2018 |
STOCKHOLDERS' DEFICIT | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 13,000,000 | 13,000,000 |
Common stock, shares outstanding | 13,000,000 | 13,000,000 |
STATEMENTS OF OPERATIONS (unaud
STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING EXPENSES | ||||
General and administrative | $ 4,908 | $ 5,802 | $ 17,998 | $ 15,848 |
TOTAL OPERATING EXPENSES | 4,908 | 5,802 | 17,998 | 15,848 |
NET LOSS | $ (4,908) | $ (5,802) | $ (17,998) | $ (15,848) |
LOSS PER COMMON SHARE - BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 13,000,000 | 13,000,000 | 13,000,000 | 13,000,000 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Mar. 31, 2017 | 13,000,000 | |||
Beginning Balance, Amount at Mar. 31, 2017 | $ 13,000 | $ 12,000 | $ (42,438) | $ (17,438) |
Net loss | (6,796) | (6,796) | ||
Ending Balance, Shares at Jun. 30, 2017 | 13,000,000 | |||
Ending Balance, Amount at Jun. 30, 2017 | $ 13,000 | 12,000 | (49,234) | (24,234) |
Beginning Balance, Shares at Mar. 31, 2017 | 13,000,000 | |||
Beginning Balance, Amount at Mar. 31, 2017 | $ 13,000 | 12,000 | (42,438) | (17,438) |
Net loss | (15,848) | |||
Ending Balance, Shares at Dec. 31, 2017 | 13,000,000 | |||
Ending Balance, Amount at Dec. 31, 2017 | $ 13,000 | 12,000 | (58,286) | (33,286) |
Beginning Balance, Shares at Jun. 30, 2017 | 13,000,000 | |||
Beginning Balance, Amount at Jun. 30, 2017 | $ 13,000 | 12,000 | (49,234) | (24,234) |
Net loss | (3,250) | (3,250) | ||
Ending Balance, Shares at Sep. 30, 2017 | 13,000,000 | |||
Ending Balance, Amount at Sep. 30, 2017 | $ 13,000 | 12,000 | (52,484) | (27,484) |
Net loss | (5,802) | (5,802) | ||
Ending Balance, Shares at Dec. 31, 2017 | 13,000,000 | |||
Ending Balance, Amount at Dec. 31, 2017 | $ 13,000 | 12,000 | (58,286) | (33,286) |
Beginning Balance, Shares at Mar. 31, 2018 | 13,000,000 | |||
Beginning Balance, Amount at Mar. 31, 2018 | $ 13,000 | 12,000 | (61,691) | (36,691) |
Net loss | (8,798) | (8,798) | ||
Ending Balance, Shares at Jun. 30, 2018 | 13,000,000 | |||
Ending Balance, Amount at Jun. 30, 2018 | $ 13,000 | 12,000 | (70,489) | (45,489) |
Beginning Balance, Shares at Mar. 31, 2018 | 13,000,000 | |||
Beginning Balance, Amount at Mar. 31, 2018 | $ 13,000 | 12,000 | (61,691) | (36,691) |
Net loss | (17,998) | |||
Ending Balance, Shares at Dec. 31, 2018 | 13,000,000 | |||
Ending Balance, Amount at Dec. 31, 2018 | $ 13,000 | 12,000 | (79,689) | (54,689) |
Beginning Balance, Shares at Jun. 30, 2018 | 13,000,000 | |||
Beginning Balance, Amount at Jun. 30, 2018 | $ 13,000 | 12,000 | (70,489) | (45,489) |
Net loss | (4,292) | (4,292) | ||
Ending Balance, Shares at Sep. 30, 2018 | 13,000,000 | |||
Ending Balance, Amount at Sep. 30, 2018 | $ 13,000 | 12,000 | 74,781 | (49,781) |
Net loss | (4,908) | (4,908) | ||
Ending Balance, Shares at Dec. 31, 2018 | 13,000,000 | |||
Ending Balance, Amount at Dec. 31, 2018 | $ 13,000 | $ 12,000 | $ (79,689) | $ (54,689) |
STATEMENTS OF CASH FLOWS (unaud
STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (17,998) | $ (15,848) |
Changes in operating assets and liabilities: | ||
Accounts payable | 5,970 | 998 |
NET CASH USED IN OPERATING ACTIVITIES | (12,028) | (14,850) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related party | 11,373 | 15,455 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 11,373 | 15,455 |
NET (DECREASE) INCREASE IN CASH | (655) | 605 |
CASH, BEGINNING OF PERIOD | 756 | 151 |
CASH, END OF PERIOD | 101 | 756 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Cash Paid for interest | ||
Cash paid for income taxes |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The Company Cosmo Ventures Inc. (the “Company”) was incorporated in the State of Nevada on February 3, 2013, with a year end of March 31. The Company intends to purchase overstocked inventory items from manufacturers and retailers and offer them to the public at discounted prices via a web-based on-line store. Basis of Presentation – Unaudited Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended March 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending March 31, 2019. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Loss per Common Share The basic loss per common share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the period. The diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share are the same as basic loss per share due to the lack of dilutive items in the Company. As of December 31, 2018, and 2017, there were no common stock equivalents outstanding. Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company estimates the fair value of each stock-based compensation award at the grant date by using Black-Scholes Option Pricing Model. The fair value determined represents the cost of the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As stock-based compensation expense is recognized based on awards ultimately expected to vest. Excess tax benefits, if any, are recognized as additional paid in capital. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued for disclosure consideration. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN | The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. To date the Company has generated no revenues from its business operations and has incurred operating losses of $79,689 since inception. As of December 31, 2018, the Company had only $101 in cash, a working capital deficit of $54,689 and had a negative cash flow from operating activities since inception. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. However, the Company may not be able to secure the necessary financing. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 3 - RELATED PARTY TRANSACTIONS | The Company’s former CEO had loaned the Company cash to support operations. Balances as of December 31, 2018 and March 31, 2018 were $31,569 and $31,569, respectively. The balance due is unsecured and non-interest-bearing with no set terms of repayment. During the nine months ended December 31, 2018, the Company’s CEO loaned the Company $11,373. Balances as of December 31, 2018 and March 31, 2018 were $12,503 and $1,130, respectively. The balance due is unsecured and non-interest-bearing with no set terms of repayment. |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Nature Of Operations And Summary Of Significant Accounting Policies | |
The Company | Cosmo Ventures Inc. (the “Company”) was incorporated in the State of Nevada on February 3, 2013, with a year end of March 31. The Company intends to purchase overstocked inventory items from manufacturers and retailers and offer them to the public at discounted prices via a web-based on-line store. |
Basis of Presentation – Unaudited Financial Statements | The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended March 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending March 31, 2019. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Loss per Common Share | The basic loss per common share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the period. The diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share are the same as basic loss per share due to the lack of dilutive items in the Company. As of December 31, 2018, and 2017, there were no common stock equivalents outstanding. |
Income Taxes | The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company estimates the fair value of each stock-based compensation award at the grant date by using Black-Scholes Option Pricing Model. The fair value determined represents the cost of the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As stock-based compensation expense is recognized based on awards ultimately expected to vest. Excess tax benefits, if any, are recognized as additional paid in capital. |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
Subsequent Events | The Company has evaluated subsequent events through the date the financial statements were issued for disclosure consideration. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended |
Dec. 31, 2018 | |
Nature Of Operations And Summary Of Significant Accounting Policies Details Narrative Abstract | |
State of incorporation | Nevada |
Date of Incorporation | Feb. 3, 2013 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 71 Months Ended | |||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Going Concern | ||||
Operating loss | $ (79,689) | |||
Cash | 101 | $ 756 | $ 756 | $ 151 |
Working capital deficit | $ (54,689) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Due to related party | $ 44,072 | $ 32,699 | |
Proceeds from related party debt | 11,373 | $ 15,455 | |
Chief Executive Officer [Member] | |||
Due to related party | 31,569 | 31,569 | |
Proceeds from related party debt | 11,373 | ||
Balance due to related party | $ 12,503 | $ 1,130 |